Search found 27 matches

by toys4tots16
Sat Feb 06, 2021 1:34 pm
Forum: Personal Investments
Topic: Gifting money to child for investment into 529 for grandchild
Replies: 7
Views: 400

Re: Gifting money to child for investment into 529 for grandchild

You should check on the specific state regulations for deductibility. In my state, the 529 can only be the specific state sponsored 529 plan. If true for your situation, you would need grandma to make a KS sponsored 529 and then daughter make a CO sponsored 529 as two separate plans
by toys4tots16
Sun Dec 20, 2020 5:37 pm
Forum: Personal Investments
Topic: Second mortgage to pack $400K into 529 bond fund until needed?
Replies: 24
Views: 1132

Re: Second mortgage to pack $400K into 529 bond fund until needed?

What’s missing in your analysis is that bond rates and mortgage rates move together. So if rates rise on mortgages, then they rise on bonds too. So taking a mortgage now (at free money prices) doesn’t help at all. In fact, since bond fund VALUES will move inversely to rates, if you invest in bonds n...
by toys4tots16
Fri Aug 28, 2020 1:52 pm
Forum: Personal Investments
Topic: Inherited IRA but I’m in top tax bracket?!?
Replies: 46
Views: 3271

Re: Inherited IRA but I’m in top tax bracket?!?

Thanks all for the feedback. I wouldn’t have gotten here without you.

I’m going to go with the donor advised fund and give to a few charities that my parent cared about.
by toys4tots16
Thu Aug 27, 2020 9:29 pm
Forum: Personal Investments
Topic: Inherited IRA but I’m in top tax bracket?!?
Replies: 46
Views: 3271

Re: Inherited IRA but I’m in top tax bracket?!?

Disclaim it, assuming your high income is stable, and someone else would benefit more. Or QCD to charoty of your choice . If you expect to have an down year, you could wait untill then to cash out. Don't you have to be old to QCD? I like this idea, but you’re right about QCD. I just looked it up an...
by toys4tots16
Thu Aug 27, 2020 9:28 pm
Forum: Personal Investments
Topic: Inherited IRA but I’m in top tax bracket?!?
Replies: 46
Views: 3271

Re: Inherited IRA but I’m in top tax bracket?!?

johnnyc321 wrote: Thu Aug 27, 2020 8:57 pm Disclaim it so it goes to another family member?
Siblings are in a similar financial situation and we’re not close with any extended family.
by toys4tots16
Thu Aug 27, 2020 8:42 pm
Forum: Personal Investments
Topic: Inherited IRA but I’m in top tax bracket?!?
Replies: 46
Views: 3271

Inherited IRA but I’m in top tax bracket?!?

Hi all- I’m in need of some advice on what to do with an inherited IRA. One of my parents recently passed, and I’m getting ~$85k in an inherited IRA (traditional not Roth). With the secure act, I need to take the money out within 10 full calendar years, and the full amount will be taxable to me. How...
by toys4tots16
Fri Nov 09, 2018 5:10 pm
Forum: Personal Consumer Issues
Topic: Career/Life Advice Needed - When to start a business?
Replies: 20
Views: 1914

Re: Career/Life Advice Needed - When to start a business?

it is only 3 years, so you should wait and get the security first, then you can start a business with more of a lifestyle/passion project instead of the need to put food on the table, and 3 years will go by quickly once you have an end goal in mind, plus take all your vacation time before you leave...
by toys4tots16
Fri Nov 09, 2018 5:08 pm
Forum: Personal Consumer Issues
Topic: Career/Life Advice Needed - When to start a business?
Replies: 20
Views: 1914

Re: Career/Life Advice Needed - When to start a business?

Why do you want to build a biz? Honestly, its probably to prove that I can. Today, I work in corporate innovation which means I'm building businesses with the business as well as engaging with start-up companies, and there is this unspoken perception that "true innovators" are entrepreneu...
by toys4tots16
Fri Nov 09, 2018 5:03 pm
Forum: Personal Consumer Issues
Topic: Career/Life Advice Needed - When to start a business?
Replies: 20
Views: 1914

Re: Career/Life Advice Needed - When to start a business?

It sounds to me like you suspect you should stick it out and attain FIRE, especially as you expect it only to take 3 more years. But since you dislike your job, that is an unappealing prospect. How about looking around for a position that would pay enough to still get you to FIRE, but is more in li...
by toys4tots16
Thu Nov 08, 2018 2:56 pm
Forum: Personal Consumer Issues
Topic: Career/Life Advice Needed - When to start a business?
Replies: 20
Views: 1914

Career/Life Advice Needed - When to start a business?

This community is filled with incredibly smart, generous folks, and I’m hoping that you all can give me some much-needed career/life guidance. A bit of background first: • Personal: Spouse and two kids (under 5) living in MCOL area. • Financial: Household income is ~$500k, NW is ~$1.5M which include...
by toys4tots16
Mon Oct 15, 2018 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Gift for two of four grandchildren
Replies: 18
Views: 2455

Re: Gift for two of four grandchildren

[quote=Gill post_id=4166993 time=<a href="tel:1539620223">1539620223</a> user_id=865] [quote=focusedonwhatmatters post_id=4166970 time=<a href="tel:1539619617">1539619617</a> user_id=127480] A single check of $25K would have tax consequences for the parents of both of the grandk...
by toys4tots16
Sun Aug 26, 2018 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Honda Odyssey Ex-L - new or certified used?
Replies: 35
Views: 3259

Re: Honda Odyssey Ex-L - new or certified used?

For what it’s worth, I just bought a new 2018 odyssey ex-l for $32,7xx (plus tax and title). You can get some good deals if you try hard enough. I used the car buying method described on this forum
by toys4tots16
Wed Jul 12, 2017 10:28 am
Forum: Personal Consumer Issues
Topic: Seeking Advice - Broken Sprinkler System after Home Purchase
Replies: 28
Views: 3644

Re: Seeking Advice - Broken Sprinkler System after Home Purchase

Well, the consensus so far is to let it go and pay the bill. I'm fine with going that route, but I'm a bit confused as to the reasoning and value of the condition property report. The sellers specifically added a line saying that a sprinkler system was included in the purchase and affirmed that the ...
by toys4tots16
Wed Jul 12, 2017 9:24 am
Forum: Personal Consumer Issues
Topic: Seeking Advice - Broken Sprinkler System after Home Purchase
Replies: 28
Views: 3644

Seeking Advice - Broken Sprinkler System after Home Purchase

Hello fellow Bogleheads! I've got a questions regarding a recent home purchase that I'd like to run past the knowledgeable members of this forum. The facts: - Purchased a home in April of this year for $415k - The data sheet listed that the home included an in ground sprinkler system - Given the tim...
by toys4tots16
Fri Mar 17, 2017 5:35 pm
Forum: Personal Consumer Issues
Topic: Building Forever House - Can we afford it? Should We?
Replies: 22
Views: 3780

Re: Building Forever House - Can we afford it? Should We?

Hi all, I wanted to say thank you to everyone for the advice and provide an update on what we decided. We ended up purchasing an existing house (just down the road from us) for about $450k rather than build. We decided that we had more than enough time to build in the future once we have a better id...
by toys4tots16
Tue Jan 31, 2017 5:03 pm
Forum: Personal Consumer Issues
Topic: Building Forever House - Can we afford it? Should We?
Replies: 22
Views: 3780

Re: Building Forever House - Can we afford it? Should We?

If you retire, will you still be locked into the same area? If so, then I'd say go for it. We wouldn't be locked in the sense that we wouldn't have an option to move, but it seems very unlikely that we would actually move. If I had to guess, I'd say there is a ~90% chance that we stay in this area ...
by toys4tots16
Tue Jan 31, 2017 4:13 pm
Forum: Personal Consumer Issues
Topic: Building Forever House - Can we afford it? Should We?
Replies: 22
Views: 3780

Re: Building Forever House - Can we afford it? Should We?

A $600K house in a LCOL sounds like it is overbuilding for the area with the strong possibility of a loss when you eventually sell. I'm assuming the price doesn't include a lot of farm land or acreage. What are the normal comparably priced homes in that neighborhood priced at? It's okay for someone...
by toys4tots16
Tue Jan 31, 2017 3:32 pm
Forum: Personal Consumer Issues
Topic: Building Forever House - Can we afford it? Should We?
Replies: 22
Views: 3780

Building Forever House - Can we afford it? Should We?

Hi all, My wife and I are considering building a house, and I'd like input from this wonderful community before we pull the trigger. Stats: Late 20's with 1 young child HH Income: $390k Retirement Accts: $300k Taxable Accts: $250k Current House: $200k (paid off) Annual Savings: Maxing retirement acc...
by toys4tots16
Thu Nov 06, 2014 9:55 am
Forum: Personal Consumer Issues
Topic: 2015 Suburu Outback
Replies: 52
Views: 8876

Re: 2015 Suburu Outback

I just pickup up a new 2015 Outback at the beginning of October and have put about 3k miles on it so far. I purchased the premium with the eyesight package. I also added on the rear bumper cover, all weather mats, rear seatback protector, and mud flaps. The total cost for everything all in (except t...
by toys4tots16
Fri Sep 05, 2014 9:11 am
Forum: Personal Consumer Issues
Topic: Going to be need to purchase a new car soon, need help
Replies: 33
Views: 3323

Re: Going to be need to purchase a new car soon, need help

I'm not sure where you are located but I have a 2002 Toyota Camry with 126k miles on it that I would sell for $4650. I'm in GB, WI. The car is in awesome shape and will easily last to 200k and beyond.
by toys4tots16
Sat Aug 30, 2014 12:36 pm
Forum: Personal Consumer Issues
Topic: Subaru Blues
Replies: 103
Views: 16921

Re: Subaru Blues

You shouldn't pay anywhere near MSRP. I just ordered a 2015 Outback Premium with the eye sight and a bunch of other adders. MSRP is around $30k and my price is just under $27k for everything except tax.
by toys4tots16
Fri Jun 20, 2014 11:09 am
Forum: Personal Consumer Issues
Topic: How much car can I afford while paying cash? Details inside.
Replies: 62
Views: 6705

Re: How much car can I afford while paying cash? Details ins

You may want to read these threads if you're thinking about a BMW: "New Honda Accord v/s CPO BMW 328i" "BMW X3 series" The consensus about BMWs: - Fun to drive, so sometimes their owners abuse them. - Expensive to maintain (particularly if you go to the dealer). - Don't keep it ...
by toys4tots16
Fri Jun 20, 2014 10:53 am
Forum: Personal Consumer Issues
Topic: How much car can I afford while paying cash? Details inside.
Replies: 62
Views: 6705

Re: How much car can I afford while paying cash? Details ins

I want a new car because mine is old and embarrassing to me even though it is dependable. I make a lot of money and save a lot of money. Based on my savings rate the purchase of new car will delay my goal by 3.5 months (given current savings rate). I want a new car to keep up with the Joneses. Do w...
by toys4tots16
Fri Jun 20, 2014 10:22 am
Forum: Personal Consumer Issues
Topic: How much car can I afford while paying cash? Details inside.
Replies: 62
Views: 6705

Re: How much car can I afford while paying cash? Details ins

You are aware that BMWs can be high maintenance, right? I do, which is another detractor. From what I understand, it should cost about $2k more per year in maintenance/repairs/fuel than my current car. My opinion is that you could buy just about any car you would want. Saving $100k a year and makin...
by toys4tots16
Fri Jun 20, 2014 9:55 am
Forum: Personal Consumer Issues
Topic: How much car can I afford while paying cash? Details inside.
Replies: 62
Views: 6705

How much car can I afford while paying cash? Details inside.

I know this topic has been considered many times, but I'm unaware (couldn't find while searching) if the topic of how much car can you afford when paying cash has ever been discussed. Here is my situation: My wife and I are 26/25 respectively and make about $210k/year combined while living in a midw...
by toys4tots16
Mon Feb 03, 2014 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax or Seek Professional Help (Business Purchase)
Replies: 2
Views: 432

Turbo Tax or Seek Professional Help (Business Purchase)

Hi All, I’m a long time reader, but first time poster. First off, thanks to everyone in advance. My wife and I have had a relatively simple tax situation since we got married (4 years ago), but this past year, we purchased into a C-Corp, and I am wondering if I should seek outside professional advic...